03.30.09
Urban Decay has a new owner. Private equity firm Castanea Partners, owner of Betsey Johnson, just purchased controlling interest in Urban Decay Cosmetics for an undisclosed amount.
Castanea Partners is acquiring Urban Decay from duty free operator the Falic Group, which bought Newport Beach, CA-based Urban Decay from LVMH Moët Hennessy Louis Vuitton in 2002. Industry sources put Urban Decay's sales at $100 million.
“We’ve been on the lookout for an appropriate opportunity in the beauty space, particularly in the prestige segment,” said Robert Smith, co-managing partner of Newton, MA-based Castanea and former co-chief executive officer of the Neiman Marcus Group Inc. “When Urban Decay came along, we were attracted to it for a few reasons: one, it is a very distinctive brand and a leader in its category serving an edgier, younger customer and, two, it is really concentrated on building retail partnerships with its specialty retailers.”
Warner, executive creative director Wende Zomnir, and worldwide retail director and international makeup artist Eric Jimenez are staying on board in their current positions. Zomnir founded Urban Decay in 1996 with David Soward and Sandy Lerner, co-founder of Cisco Systems. Urban Decay was sold to LVMH in 2000.
Urban Decay's lineup includes more than 300 stockkeeping units, and the eye product category is the brand’s largest. Summer releases include $28 Midnight Cowboy Shimmer Body Lotion, $28 Get Baked Eye Shadow Palette, $22 Skyscraper Multi-Benefit Mascara and $18 Pocket Rocket Lip Gloss.
Castanea Partners is acquiring Urban Decay from duty free operator the Falic Group, which bought Newport Beach, CA-based Urban Decay from LVMH Moët Hennessy Louis Vuitton in 2002. Industry sources put Urban Decay's sales at $100 million.
“We’ve been on the lookout for an appropriate opportunity in the beauty space, particularly in the prestige segment,” said Robert Smith, co-managing partner of Newton, MA-based Castanea and former co-chief executive officer of the Neiman Marcus Group Inc. “When Urban Decay came along, we were attracted to it for a few reasons: one, it is a very distinctive brand and a leader in its category serving an edgier, younger customer and, two, it is really concentrated on building retail partnerships with its specialty retailers.”
Warner, executive creative director Wende Zomnir, and worldwide retail director and international makeup artist Eric Jimenez are staying on board in their current positions. Zomnir founded Urban Decay in 1996 with David Soward and Sandy Lerner, co-founder of Cisco Systems. Urban Decay was sold to LVMH in 2000.
Urban Decay's lineup includes more than 300 stockkeeping units, and the eye product category is the brand’s largest. Summer releases include $28 Midnight Cowboy Shimmer Body Lotion, $28 Get Baked Eye Shadow Palette, $22 Skyscraper Multi-Benefit Mascara and $18 Pocket Rocket Lip Gloss.